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Commercial Mortgage Loans |
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provide you with the most competitive rates and terms
for your commercial property loan. |
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Multiple commercial financing options
- Competitive interest rates, terms and costs
- Knowledgeable and seasoned commercial mortgage
specialists
- Certainty of execution
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time and money
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about the property and commercial real estate financing you’re
seeking and we will provide a no cost no obligation
quote. |
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| Commercial Learning Center |
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Home >
Commercial Loan Center Refinance or Purchase |
Banc Series Major Markets Apartment Loan Program Overview
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For Class A and B assets
located in major markets, the Banc Series Major Markets
program provides qualified properties and sponsors with
the most competitive and aggressive rates and terms in
the market. Rates are competitive with secondary market
products without some of the downsides (defeasance,
replacement reserves, delayed rate locks).
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Highly competitive rates and terms
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Property and location driven
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No tax returns or bank statements
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Non-recourse available
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Low DSCR (1.15) maximizes loan dollars
- Rate lock at Letter of Intent
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Banc Series Major Markets Apartment Loan Program Guidelines
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$500,000 minimum loan size. No maximum
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1.15 minimum DSCR
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Up to 75% LTV
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Interest rate lock at time of LOI
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3, 5, 7 and 10 year fixed rate terms
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30 year amortization
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Interest only options available
- Step down prepay (e.g. 3,2,1)
- Recourse and non-recourse available
- 680 minimum credit score
- Loan converts to adjustable rate at the end of
fixed term based on 6-month LIBOR
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1% periodic rate cap
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Interest rate floor is equal to start rate
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10.5% lifetime interest rate cap
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90% minimum occupancy required
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No or rate lock or commitment deposits
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Rate lock at Letter of Intent
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Streamlined closing process
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Mixed Use with up to 20% commercial income and
square footage acceptable. Five apartment units
minimum required
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Impounds for tax and insurance not required
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Replacement reserves not required
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What You Need to Know
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Program descriptions,
highlights and underwriting guidelines are helpful when
considering if an apartment loan program is right for
you and your property. However, they don't always tell
the whole story. Below is what you need to know about
the Banc Series Major Markets Apartment Loan program that
program guidelines and highlights don't tell you.
Pluses
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Property and location driven. Unlike most other
programs, there are no defined sponsor net worth and
liquidity requirements. No personal debt to income
calculations nor global debt to income calculations
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Tax returns and bank statements not required
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Reduced documentation requirements
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No true loan committees
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Non-local ownership okay
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Minuses
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Limited footprint. Desired lending areas are in the
metro areas of the designated cities
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Slightly below average properties and/or properties
located in below average locations are typical
ineligible
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Slightly longer initial screening process (LOI)
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Annual financial reporting requirements
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Exceptions or out of the box situations typically
not considered
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Financing provided for
properties located in the metropolitan areas of Los
Angeles, San Diego, San Francisco, Sacramento, Orange,
Portland, Seattle, Denver, Minneapolis, Chicago, Boston,
New York, Philadelphia and Washington DC.
Other markets in metro California
considered on a case by case basis. |
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Which Program Is Best For You
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 Which
one of our apartment loan programs is best for
you? It depends on what you are looking for in a
loan (e.g. interest rate, amortization, prepay,
cost). It also depends on property (e.g.
location, age, condition, debt service) and
sponsor (e.g. credit score, financial strength,
experience) characteristics. By providing some
basic information about yourself, your property
and what you are looking for in an apartment
loan, we can help you decide which one of our
programs is best for you. |
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Let us help you decide
by providing the following information: |
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2 years and YTD income and expense statement (P&L)
for the subject property
- Current rent roll for subject property
- Interior and exterior photos
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Personal financial statement
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Schedule of real estate owned
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Brief narrative highlighting multifamily ownership
experience
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| Apartment loan availability --
including LTV, DSCR, and loan size -- may vary depending
on property location, economic conditions, exposure, and
other variables that may negatively influence risk. Loan
programs and program guidelines are subject to change.
Information provided is not an offer to make a loan and
should be used for informational purposes only. Meeting
the minimum program eligibility requirements doesn't
automatically qualify you for a loan. |
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